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August 7 2017

ICO Alert Report: Lampix

ICO Alert Report: Lampix

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What is Lampix?(1)

This market intelligence report does not aim to cover the Lampix product in full, but rather focuses on the components of the crowdsale as they relate to the product and business as a whole. Simply for context for readers, it’s important to know the Lampix product (hardware and software) offers the ability to turn any surface into a “smart-surface.” A smart surface is an augmented reality surface that aims to eliminate the need for a screen (laptop, mobile device, etc). Imagine a large desk with a Lampix lamp on it. This lamp looks just like a normal lamp, but instead has the ability to copy and paste, record, send, (and more) data of some form (object info, documents, etc). A user could play tic-tac-toe or chess with another user on this smart surface. Lampix gives great examples of the potential commercial and enterprise use of their product on their website and in their whitepaper.(1)


Crowdsale Information
The crowdsale will begin on August 9, 2017 and run until August 18, 2017. The crowdsale address will be posted on their website at the start of the crowdsale.

Token Distribution Information
There are a total of 1,100,000,000 PIX tokens. 50% of PIX tokens (550,000,000) will be sold during the crowdsale. PIX tokens are ERC-20 tokens and will be distributed two weeks after the crowdsale is complete. The Lampix team expects tokens to be listed on secondary markets one month after distribution.

During day one of the crowdsale, there will be $20,000,000 worth of PIX available with a 15% bonus for all those that contribute on this day. During day two. there will be $20,000,000 worth of PIX available with a 10% bonus for all those that contribute on this day. From day three through day ten, there will be $20,000,000 worth of PIX available with a 5% bonus for all those that contribute on this day.

Allocation
50% of tokens are being sold during the crowdsale.

30% of tokens are being held in a reserve. 25% of this total reserve amount will be released every 12 months under the allocations seen in the next section below. 20% of tokens are reserved for team members.

Use of Crowdsale Proceeds
The funds collected through the crowdsale will be used to cover the expenses of the project until the project starts making profits and sufficient cash flows to function on its own. Lampix is expected to make profits by 2021. Key expenses used from crowdsale proceeds include: the cost of the Lampix database; staff salaries; marketing and sales expenses; hardware manufacturing costs; and app development costs. These can be further broken down into these categories:

  1. Taxes: 37%
  2. People: 24%
  3. Database: 22%
  4. Services & Other: 9%
  5. Manufacturing: 5%
  6. Marketing: 3%

Projected sales and profitability numbers can be found in the Lampix whitepaper.

The 30% of total Lampix tokens (330,000,000) set in reserve (see above section) will be used in the following format at each release date:

— 30% will be used for data acquisition costs, development, marketing and other corporate needs.

— 50% will be allocated to acquire other companies, patent needs, and IP needs.

— 10% will be allocated to external partners, if needed.

— 10% will be distributed to all PIX token holders (via air drop) proportionally to their then holdings in PIX tokens.

Token Price & Lockout Period
Each PIX token will be $0.12 during the crowdsale. The team will have 25% of the tokens available reserved for them (20% of total tokens created) at the end of the crowdsale, and a following 25% available every 12 months thereafter until all tokens are available (three years at 25% per year).

Team
The core Lampix team is made up of the following two people, and has 10+ advisors acting in some role to the project as well.

George Popescu, Founder/CEO
George has a background in science and engineering, and has founded a variety of different companies (beverage manufacturing, online lending, etc.) throughout his career. In 2014, he sold Boston Technologies Group (BT), which was his most successful company. He is an advisor for the FirstBlood platform and also the Founder/CEO/Editor-in-Chief for Lending Times. George is one of the most experienced and successful business professionals in the ICO space to date.

Mihai Dumitrescu, Co-Founder/CTO
Mihai is the Founder, CEO and CTO of Rosoftlab since 2006, which is a research and development firm in computer vision, augmented reality and related mobile and web apps. His specialties include high performance scalable software architecture & algorithms, computer vision, machine learning, deep neural networks, P2P systems and algorithms, and enterprise content management.

Social Media
Slack: https://lampix-invite.herokuapp.com/
Reddit: https://www.reddit.com/r/Lampix/
Email: support@lampix.co
Twitter: https://twitter.com/lampix_co
Facebook: https://www.facebook.com/Lampix-997463780290920/
Youtube: https://www.youtube.com/channel/UCY3N6_p3fWC76XFrQlid0vQ
Google+: https://plus.google.com/u/0/b/115416800073915276221/115416800073915276221/videos

All of the above ICO information can be found on the Lampix website or in their whitepaper.


The PIX Ecosystem(1)
The Lampix product functions through a series of inputs (images/objects/data) and outputs (augmented images/data). If the software does not have the necessary inputs to execute, it will be unable to deliver the outputs that makes the Lampix product so innovative. The PIX ecosystem aims to be a solution for this problem. The Lampix team, and other companies in the augmented reality (AR) space, require huge datasets in order to succeed. These datasets (re: images) allow machine learning algorithms to function efficiently and create augmented reality out of any object/image/data presented as an input. The PIX ecosystem will function as the first blockchain-based image-mining network for augmented reality and other computer-vision systems. In order for Lampix to succeed, it requires a dataset of roughly one billion different images and descriptions that will work to help training algorithms. These algorithms are what allow for the classification, detection and segmentation of different objects, images, etc. to function with the Lampix system.

Lampix believes a truly decentralized, autonomous and fully automated network of image mining is their best shot at creating a dataset of this magnitude in a reasonable amount of time (end of 2018 is the goal). Users will be able to earn PIX through image-mining, voting/verifying images, and by developing Lampix applications. As the database grows users will also be able to spend PIX tokens to purchase data from the database, Lampix devices, Lampix applications, and cloud computing services.

How will the reward system work?(1)
The high-level description of the rewards system process is laid out by the Lampix team as follows:

  1. Every miner, voter and user has a wallet address.
  2. Miners use the following set {image, description, segmentation} to upload images to the Lampix database. The {image, description, segmentation} set is how each image is classified in the Lampix system. These are called data trees or tree branch creation modules. For example, {plant, flora, plant life} may be one set used.
  3. As miners upload images/objects/etc., they are classified into varying {image, description, segmentation} sets that have associated PIX token bounties attached to them. Images are uploaded through a Graphical User Interface (GUI) that has been pre-loaded and pre-configured on the Lampix device. At this point, a detailed seven step process will occur in order to upload the image directly to the database’s pre-processing mechanism.
  4. Once users upload {image, description, segmentation} sets, the pre-processing mechanism will complete basic image algorithms to ensure that the image is not a duplicate, is accurate, etc. This algorithm helps remove submissions that are incorrect or have been previously submitted.
  5. Until the image database is large enough to employ machine learning algorithms, users will be able to vote (re: verify) whether an uploaded image is accurate. When users vote on images, they will receive PIX tokens. Earlier votes will earn more PIX than later votes, and once a consensus is reached, the set {image, description, segmentation} will be added to the database. Once this occurs PIX token rewards will be sent to miners’ and voters’ wallets.

It’s important to note that users can create their own {image, description, segmentation} sets and offer a PIX bounty for them. All a user needs is a PIX balance and a wallet address. Once that set has been mined, the user is able to charge PIX for the use of that set. Lampix also makes note that the set {image, description, segmentation} can be expanded to include sounds, media and more.

Lampix calculates that using the Lampix product to mine {image, description, segmentation} sets will take about two months for miners to pay off the fee required to use the Lampix device (4,000 Lampix). The average approximate reward will be $0.0079 per image set that passes the voting process and is entered into the database. This is roughly four times as much money made compared to the voting process under the Lampix rewards system.

According to the Lampix team, the token derives it’s value from this reward system and through the use of cloud computing to train the machine learning algorithms. Currently, this machine learning process uses PIX as a means of payment, and costs $9 per month to pay for the cloud computing necessary to run the machine learning process. Finally, other companies in need of image datasets will be able to use PIX tokens to purchase the necessary data for their augmented reality/computer vision systems.

Roadmap/Milestones(2)

The Lampix team is aiming for the following milestones:

August 9, 2017
Crowdsale and recruitment of staff begins

January 2018
The launch of “SmartDesk” for the retail and small-business sectors

December 2018
The completion of the Lampix database that includes at least one billion data sets

December 2019
Lampix reaching a sales volume of 5,000 Lampix devices

The team believes they need to raise at minimum $50 million in order to make any surface a smart surface worldwide within 4–5 years from now.

More detailed information can be found on the Lampix website or in their whitepaper.

View the Lampix Website:
https://lampix.co/

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Disclaimer: This report is intended to provide market intelligence. This is not investment advice and does not constitute any solicitation or endorsement of any investment. Any investment you make is done at your own risk and at your full and absolute discretion. The contents of this report are the property of ICO Alert. All rights reserved.

References:
(1) Lampix Website, Lampix, (2016) https://lampix.co/index.html

(2) Lampix Whitepaper, Lampix, (2017) https://lampix.co/src/docs/pix%20token%20whitepaper%20v7.pdf

Topics: Blockchain, Machine Learning, Artificial Intelligence, Ethereum, Image Recognition